Oil prices rose to a three-week high above $US67 per barrel on Thursday.
US crude oil surged $US1.76 to settle at $US67.16 per barrel, the highest since 1 July. London Brent rose $US2.04 to $US69.25.
The rise is attributed to a rally on Wall Street driven by strong corporate earnings and positive housing data in the United States.
Sales of existing homes rose in June for the third month - the first time since 2004.
Oil inventory data issued on Wednesday showed that gasoline stockpiles in the United States were up 800,000 barrels last week to 215.4 million, bringing them about 3% above a year ago.